Almost one year ago, Apple CEO Tim Cook formally unveiled Apple's long-rumored dividend program, which is all part of a massive share buyback and dividend plan that will claim $45 billion from Apple's capital reserves over a 36-month period.

The most recent dividend payout came four weeks ago when Apple paid shareholders another $2.5 billion at $2.65 per share (spanning 939 million outstanding shares of AAPL).

Incredibly, as MMi reported last month, although Apple has already been paying out dividends for three consecutive quarters, the program hasn't made a dent in the company's massive stockpiles of cash. The simple math of it shows that Apple is still raking in cash faster than it can possibly dish out.

On Monday, Brian White with Topeka Capital Markets reported his view that Apple is about to up the amount of cash it will return to investors as part of the dividend program.

White is projecting that Apple Inc. will have roughly $241 billion in cash by the end of fiscal year 2015. With the company continuing to hoard cash, he believes that a change is coming at some point in the near future, most notably that the company will pay out more cash to shareholders.

“We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure..." Tim Cook said last March. "Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program.”